The Real Power Behind Currency Wars
It’s another one of those things that just blows up the whole convention, another pretty clear sign that the mainstream has it all backward. We are seeing it play out right now with China. The [...]
Weakening Labor Market Now In All The Data
The JOLTS series had always been a seemingly superfluous set of labor numbers for the Bureau of Labor Statistics (BLS). The agency wanted to go deeper into employment when it originally presented these other series [...]
Yield Plunge: Running Out of Dollars, and Excuses
As of today’s close, there are only 22 trading days in the entire history of Japan’s government bonds (JGB) where the yield (or “yield”) on its 10-year paper has been more negative. Those 22 all [...]
CNY 7: The Gears Behind the Clockface
Right on cue, the Chinese have restarted “devaluation.” Because no one ever learns, and because trade wars are a conveniently timed distraction, CNY’s dramatic plunge below 7.00 is being written up as currency manipulation. It [...]
The Least Talked About Elephant in the Retirement Room
Just the thought of retirement is fraught with what-ifs. What if I live 30 or 40 years after I retire? What if I run out of money? What if I need long term care? But [...]
Chart(s) of the Week: You Were Saying Rate Cut?
We’ve got repo, erratic federal funds market, German 2s correlated with it, plunging bond yields, angry swaps (IR and FX), and economic data increasingly and more speedily in the wrong direction. Overseas official entities piled [...]
Real Liquidity Cuts Across Many Boundaries; So Does The Lack of It
Things that happen in one place happen in every place. That’s been the second hardest thing to get people to realize. The first is that central banks are not central. And the reason they aren’t [...]
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